Banknetvn: National Financial Switching System Ready

With the desire to apply advanced IT achievements to the banking sector to diminish cash payment routines of Vietnamese people, restrict corruption, create a favourable environment for state management agencies to control cash flows, and supplement more utilities for the banking system, Banknetvn strives to connect the card systems of different banks. Banknetvn expects strong growth in card payments in Vietnam.

 

 On April 21, 2007, the opening ceremony of Banknetvn will be jointly carried out by Vietnam Industrial and Commercial Bank (ICB), Bank for Investment and Development of Vietnam (BIDV) and Saigon Industrial and Commercial Bank (SGBank). This initial success is clear evidence of readiness for the national financial switching system, Banknetvn. The connection of card payment networks of other banks to Banknetvn switching system is no longer a difficult task because preparatory steps and connecting processes, principles, criteria and procedures are already in place.

 

The success of the switching pilot promises to create a fair playing ground for banks to bring their strong points into full play and create a good environment for members to develop and expand card business operations in Vietnam. Joining Banknetvn, banks will gain many advantages, avoid waste and have a new channel to expand markets and improve service quality. In the coming time, Banknetvn will connect with its four remaining members, namely Vietnam Bank for Agriculture and Rural Development (Agribank or VBARD), Asia Commercial Bank (ACB), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) and East Asia Commercial Joint Stock Bank (EAB). In the near future, clients of any of these banks will be able to withdraw money on POS/ATMs of the other banks.